At the opening ceremony of the 2026 Financial Street Forum annual meeting, Ding Xiangqun, director of the China Financial Supervision and Administration, said that efforts should be made to promote the transformation and upgrading of China's banking and insurance industry. The first is to continuously optimize the institutional layout. China has a complete range of financial institutions. The key is to develop in a misaligned position and complement each other's strengths. The financial supervisory authorities will study and improve the differentiated assessment and evaluation system to push institutions to do something or not. Under the principles of guaranteeing basic services, based on carrying capacity, and maintaining moderate competition, small and medium-sized institutions are promoted to reduce volume and improve quality according to local conditions to better adapt to changes in the financial supply and demand pattern. The second is to vigorously regulate the market order. Disorderly competition is stubborn and repetitive, and requires constant strength and continuous strength. In particular, strengthen ideological correction and behavioral correction, urge institutions to abandon scale complexes, seriously control non-compliant marketing practices, severely punish “black and gray production” in finance, truly draw a red line of competition, and establish operating rules. The third is to continuously improve the adaptability of financial services. In the first three quarters of this year, the banking industry provided more than 20 trillion yuan in additional financing support to the real economy, with insurance claims close to 2 trillion yuan. The main channel of bank financing and insurance protection played a strong role. Actively support the development of new quality productivity, help the advanced manufacturing industry expand and strengthen the capacity and quality of the service industry, and promote the cultivation and expansion of new momentum. Strengthen financial support for infrastructure construction such as the “Six Zhang Network” to help play a leading and driving role in major engineering projects. Optimize insurance services to better meet insurance needs. Improve the disaster insurance guarantee system in response to challenges such as climate change and frequent natural disasters. Meet the needs of international trade development and enhance shipping insurance underwriting capabilities. Enrich pension and health insurance products to meet the diverse needs of the people and help build a healthy China.

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